The overall EV sales in March 2023 witnessed an m-o-m rise of ~32% to reach 1,39,789 units. On a y-o-y basis, EV sales in March 2023 increased by 82% from that EV sales in March 2022. We have seen significant growth of ~157% y-o-y in overall EV sales, from 4,58,746 units in FY2022 to 11,80,597 units in FY2023 as per JMK Research.
Registered EV Sales Trend in India (March 2022– March 2023)
Source: Vahan Dashboard, Company Press Releases, JMK Research
Note: Sales figures represent EVs registered across 1,349 RTOs in 34 states/ UTs.
As depicted in the figure below, EV registrations in March 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 89.51% of total registrations in the month. The shares of these categories were followed by E-Cars (6.09%), cargo-type electric three-wheelers (4.13%), and so on.
Among the states and UTs, Uttar Pradesh secured the number one position in EV registration this month, pushing Maharashtra to the second position. Karnataka attained the third spot this month with a 10% market share. This was followed by Tamil Nadu and Rajasthan with 7% and 6% shares respectively. All the states witnessed an increase in sales this month.
High-Speed Electric Two-Wheeler (HS-E2W)
The overall HS E2W sales in India increased by ~30% m-o-m in March 2023 to reach 85,674 units. The Top 10 players accounted for ~92% of the total registrations witnessed in the month of March 2023. On a y-o-y basis, E2W sales in March 2023 surged by more than 70% from that of E2W sales in March 2022. The Electric two-wheeler is leading the growth chart with 7.26 lakh units in FY2023 and over 2.52 lakh units in FY2022, which is y-o-y growth of 185%.
Ola Electric recorded the highest-ever sales this month with 21,220 units sold. TVS Motors retained its second position this month as well. Ather and Ampere secured third and fourth positions respectively. Revolt again made an entry to the top 10 squads this month.
Top High-Speed E2W Players in March 2023
Source: Vahan Dashboard, JMK Research
Note: Sales figures represent only high-range E2W (Top speed > 25 kmph) registered across 1,349 RTOs in 34 states/ UTs. Others include Jitendra New EV Tech, GoGreen E-mobility Private Limited, AMO Mobility, Twenty-Two Motors, KLB KOMAKI, and 91 other players. The sales for Bajaj include sales of Bajaj as well as Chetak Technology.
Electric Three-Wheeler (E3W)
The sales of registered passenger and cargo-type E3Ws in March 2023 stood at 39,449 units and 5,780 units respectively, signifying an m-o-m increase of ~23% and ~56% respectively. Overall E3W sales recorded an m-o-m rise of ~26% over last month. On a y-o-y basis, passenger E3W sales in March 2023 increased by 90%, and cargo E3W sales increased by 83% from that of passenger and cargo-type E3W sales in March 2022. Electric three-wheelers, across both passenger- and cargo-transporting models, sold a total of 4,04,143 units in FY2023 and saw year-on-year growth of 118% (FY2022: 1,85,173 units).
The cumulative sales of the top 8 electric 3-wheeler players across passenger and cargo segments in March 2023 accounted for a 37.66% share of the entire E3W market. Mahindra and YC Electric came in at first (9.89% share) and second (6.84% share) positions respectively. This was followed by Saera Electric Auto (4.96%), Dilli Electric (4.56%), Piaggio (3.17%), Champion Poly Plast (2.90%), Mini Metro (2.80%), and Unique International (2.54%).
Top E3W Player’s monthly sales
Source: Vahan Dashboard, JMK Research
Note: Others made up 62.34% of the E3W market in March 2023; sales figures for players are inclusive of both cargo and passenger offerings; Sales figures represent E3Ws registered across 1,349 RTOs in 34 states/ UTs; E3W (Passenger and Cargo) sales shown in the figure takes into account both e-rickshaw and three-wheeler classes as categorized in the Vahan dashboard.
Electric Cars (E-Cars)
The total sales of E-cars in March 2023 stood at 8,520 units, witnessing an m-o-m rise of ~89%. Tata Motors has been driving E-car sales this month as well. Tata Motors and MG Motor have been witnessing an increase in sales for this month. On a y-o-y basis, E-Car sales in March 2023 increased by ~140% from that of E-Car sales in March 2022. E-Cars, with 47,029 units in FY2023 saw year-over-year growth of more than ~150% (FY2022: 18,567 units).
Electric Buses (E-Buses)
The total sales of E-buses in March 2023 stood at 87 units, witnessing an m-o-m decrease of 11%. On a y-o-y basis, E-Bus sales in March 2023 increased by ~14 % from that of E-Bus sales in March 2022.
This month’s sales lead by Switch Mobility (with a 36% market share) followed by Olectra Greentech (28%), Tata Motors (15%), Mytrah Mobility (14%), and PMI Electro Mobility (7%).
Impressive numbers and growth story. The greatest numbers are from 2 W, still its not even 25% of the ICE 2W sales. May be there are many more unregistered < 25 kmph the data of which doesn't show in the Vahan dashboard.
In the case of 3 W the figures seems skewed as OSM is not in the chart so is Piaggio
The real upswing is when the EV sale in 4 W reaches at least 10-15% of the ICE sale.